Kidney dialysis services provider DaVita Inc. said its fourth-quarter profit more than doubled from the year before as more patients sought treatment at its centers.
DaVita said the average number of daily treatments in the United States jumped 12 percent to 66,000. The company provided a total of 5.2 million treatments during the quarter. It operated those centers more profitably as well, with margins rising to 17.7 percent from 15.5 percent in the year-earlier period.
Net income for the final three months of 2011 rose to $148.1 million, or $1.56 per share, from $69 million, or 70 cents per share, a year earlier. Revenue grew 13 percent to $1.86 billion from $1.65 billion.
Excluding one-time items, DaVita reported earnings from continuing operations of $1.58 per share, compared with 70 cents per share in the prior-year period.
The results widely beat analyst expectations for adjusted net income of $1.49 per share on $1.85 billion in revenue.
Looking ahead, DaVita forecast 2012 operating income between $1.2 billion and $1.3 billion, compared with $1.13 billion in 2011.
The company also announced Thursday that one of its directors, Willard Brittain, Jr., will be stepping down. In a regulatory filing, DaVita said Brittain notified the board on Tuesday that he won't stand for re-election at the company's annual meeting this year. Brittain cited personal reasons, and the company did not say if he will be replaced.
DaVita said separately that the board has named Javier Rodriguez, 41, as president. Rodriguez has been a senior vice president since 2006. Rodriguez's annual base salary will remain $700,000.
For fiscal 2011, the company reported net income of $478 million, or $4.96 per share, compared with $405.7 million, or $3.94 per share, in 2010. Revenue rose to $6.98 billion from $6.44 billion.
Shares rose $1.72, or 2 percent, to $87.50 in aftermarket trading, having closed the regular session down 41 cents at $85.48 before the results were released.